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On September 13, 2024, the Fund’s Class C shares performed a reverse stock split. The Fund’s Class C reverse stock split reduced the number of outstanding shares and proportionately increased the net asset value (“NAV”) per share with respect to only Class C shares of the Fund. However, the reverse stock split did not impact a shareholder’s total dollar value of an investment in Class C shares of the Fund.
Objective
Seeks capital appreciation.
Overview
An opportunistic, multi-cap growth fund that looks for early signs of accelerating fundamentals.
Portfolio Management
14
YRS
MANAGING THIS FUND
23
YRS
AT WELLINGTON MANAGEMENT
28
YRS
EXPERIENCE IN THIS INDUSTRY
18
YRS
MANAGING THIS FUND
23
YRS
AT WELLINGTON MANAGEMENT
30
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 03/31/1963
Share Class Inception: 2/28/17.
Class F-shares performance prior to 2/28/17 reflects Class I-shares performance and operating expenses, and, prior to 8/31/06 the performance and operating expenses of Class A-shares (excluding sales charges). Performance for Class F-shares prior to its inception date would have differed if Class F- operating expenses had been reflected. Since Inception (SI) performance is calculated from 2/19/02.
The Fund’s Class F shares have not been in operation for 10 years. Therefore, the Calendar Year Returns (F Shares) chart includes performance and operating expenses of another class. For more information, see the prospectus.
Characteristics
FUND STATS
| # of Holdings | 53 |
|---|---|
| % in Equities | 99 |
| % in Foreign Equities | 2 |
| Beta (3 year) | 1.16 |
| R Squared (3 year) | 0.94 |
| Standard Deviation | 24.28% |
| Turnover | 88% |
| Active Share | 49% |
Holdings Characteristics
| FUND | Russell 3000 Growth Index | |
|---|---|---|
| As of Date | 10/31/2024 | --- |
| Price/Earnings | 27.8x | 27.4x |
| Price/Book | 13.3x | 13.7x |
| EPS Growth Rate | 22.6% | 17.8% |
| Asset Weighted Market Cap (billions) | $1322.1 | $1505.0 |
| Return on Equity | 32.7% | 44.6% |
| Median Market Cap (billions) | $73.4 | $2.1 |
Top Ten Holdings (%)
| Apple, Inc. | 12.79 |
| NVIDIA Corp. | 11.49 |
| Alphabet, Inc. | 4.98 |
| Amazon.com, Inc. | 4.88 |
| Meta Platforms, Inc. | 4.87 |
| Broadcom, Inc. | 4.67 |
| Microsoft Corp. | 3.70 |
| Eli Lilly & Co. | 2.82 |
| Tradeweb Markets, Inc. | 2.39 |
| Arista Networks, Inc. | 2.37 |
| Total Portfolio % | 54.96 |
Market Cap Distribution (%)
| Less than $2 billion | 0 | |
| $2 billion - $5 billion | 0 | |
| $5 billion - $10 billion | 1 | |
| Greater than $10 billion | 97 | |
| Not Classified | 1 | |
RETURN CHARACTERISTICS
|
Alpha (5 Year)
|
-2.85 |
|
Down Capture (5 Year)
|
114.60 |
|
Information Ratio (5 Year)
|
-0.30 |
|
Sharpe Ratio (5 Year)
|
0.68 |
|
Up Capture (5 Year)
|
103.83 |
Sector Exposure (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 9/30/24 | 10/31/24 | 10/31/24 | -6 0 6 | ||||
| Communication Services | 18 | 19 | 13 | ||||
| Health Care | 11 | 10 | 8 | ||||
| Industrials | 6 | 7 | 5 | ||||
| Real Estate | 1 | 1 | 1 | ||||
| Energy | 1 | 1 | 1 | ||||
| Utilities | 0 | 0 | 0 | ||||
| Materials | 0 | 0 | 1 | ||||
| Information Technology | 46 | 45 | 47 | ||||
| Financials | 5 | 5 | 7 | ||||
| Consumer Discretionary | 10 | 11 | 14 | ||||
| Consumer Staples | 0 | 0 | 4 | ||||
Based on Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P). Excludes cash. May not total to 100% due to rounding and/or pooled vehicle allocations.
Past distributions are not indicative of future distributions.
Insights
Fund Literature
09/30/2024 - PDF (198 KB)
This client flyer summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
09/30/2024 - PDF (166 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
09/30/2024 - PDF (290 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
09/30/2024 - PDF (106 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
09/30/2024 - PDF (106 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
PDF (158 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
09/30/2024 - PDF (629 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, and general portfolio parameters.
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Mid-cap securities can have greater risks and volatility than large-cap securities. • Different investment styles may go in and out of favor, which may cause the Fund to underperform the broader stock market. • To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability.
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